Non-Consensus

The Andy Rachleff / Benchmark framework for generating outsized venture returns: you need to be BOTH right AND non-consensus. High-conviction bets that the consensus thinks are crazy — when correct — produce the largest payoffs. Being right about something consensus already believes yields no alpha. The framework reframes “risk” in venture: the real risk is not being willing to take on ideas others dismiss. Referenced in Andy Rachleff on Generating High… (tweet) and central to Kyle Harrison’s investing philosophy.

Where this appears

• Andy Rachleff on Generating High… (tweet)
• Andy Rachleff